Trust

Trust lawyers should be consulted as you are creating an estate plan.  Creating a simple will is often not enough to take care of your loved ones and to ensure you have left behind a strong legacy. Trusts can allow you to shield your assets while you are alive and to ensure you don't lose assets to creditors or have to spend down your money if you need nursing home care.  Trusts can also give you the ability to control how your money is managed, to protect your heirs from losses due to divorce …

Now that we have shared the necessary background information, we can look at qualified personal residence trusts. The idea is to fund the trust with your home. You name a beneficiary who will assume ownership of the home after the trust term expires. This term is referred to as the retained income period. During the retained income period, you continue to reside in the home as usual. You decide on the length of this term. It can be five years, 10 years, 15 years, or whatever you …